We understand the importance of keeping Folgate’s valued brokers and policyholders up to date regarding our insurance products and so we would like to let you know of some upcoming changes to our policy wordings.

What are the changes?

Insurer Regulatory Information

You will no doubt have seen our recent email communication ‘What A Year 2020 Has Been & What 2021 Could Bring For The Insurance Market’ which details changes to our panel of co-insurers, across all classes of business. For full details, click here.

We have therefore updated the ‘Agreement to insure’ section across all of our policy wordings to cater to these changes.

Cyber and Data Exclusion

In accordance with the Prudential Regulation Authority’s (PRA) expectations for insurers regarding the management of cyber underwriting risk and in line with the general market response, we have replaced the existing ‘Cyber terrorism’ general policy exclusion (applicable to all products) with a new ‘Cyber and data exclusion’.

Please note that there is no intention to alter the cover already provided by any of our policies (with the exception of the Professional Combined and Corporate Combined changes shown below) and so where any cyber-related cover is intended and provided, the exclusion stipulates that it will not apply to claims admissible under those listed policy sections or extensions.

Professional Combined and Corporate Combined Changes

We have added the following limits to our Professional Combined and Corporate Combined product suites in respect of the below extensions covered under Section one: Professional liability.

Dishonesty of employees – £100,000 for all claims in total during any one period of insurance.

Loss of documents – £100,000 for all claims in total during any one period of insurance.

When are the changes effective?

All of the above mentioned changes will take effect for any policy incepted or renewed on or after 1st January 2021.

Some quotations have already been issued for policies incepting or renewing on or after 01st January 2021 and it is important that the affected customers are made aware of these policy changes. We are writing to you separately in respect of any affected quotations.

For more information

Please refer to the policy wording for full details. If you have any questions relating to these changes, please do not hesitate to contact one of our Underwriters.

As always, we would like to thank our supporting brokers and policyholders for their support.